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Teaching your children about money

Helping your children establish healthy money habits today will help them make smarter financial moves in the future. Here’s a few ideas to get you started:
 

Ages 9 & Younger
 
  • Make learning fun by playing games like Monopoly or PayDay to teach financial literacy and numeracy

  • Teach the value of a hard-earned dollar by giving them an allowance to help them learn to manage their own money

  • ​Set them up with their own savings account

  • Encourage them to pay themselves first by teaching them to save a portion of their allowance or gift money to go towards long-term saving or spending goals
     

For ages 10-17
 
  • Inspire their entrepreneurial spirit by giving opportunities to earn extra money 

  • Show them utility bills so they can see the cost of leaving the lights on or running the tap too long

  • Help them save for university by creating a dedicated savings account for them to save on their own
     

For ages 18+
 
  • Help them establish financial independence by helping them budget to live within their means

  • Teach them to save a portion of every paycheque by setting up an automatic transfer between their chequing and savings accounts

  • Help them build credit by opening a joint credit card for small purchases, and teaching them to pay it off in full every month
     

We offer a full suite of accounts to suit every family member. Choose from our SaveWise™ and SpendWise™ accounts for our youngest members, On Track Pack Chequing for members 19 to 24, and finally our StudentFLEX™ Daily or StudentFLEX™ Infinite Daily accounts.
 

 

 

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